(RTTNews) - Thursday, OPKO Health, Inc. (OPK) announced that its Board has approved the buyback of up to $100 million worth of common stock.
The new authorization accounts for roughly 10.1 percent of the outstanding shares at the current stock price.
The company plans to finance the buyback program using existing cash reserves, cash equivalents, and future cash flows.
The repurchase program allows OPKO to buy back shares through open market purchases, block trades, privately negotiated transactions, and accelerated share repurchase transactions.
As of June 30, 2024, the Company had around 697 million shares outstanding.
In pre-market activity on the Nasdaq, the shares are trading at $1.54, up 8.45%.
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